Tulving Dealer Rating

[Scorpio]

Please post your comments regarding Tulving here in this thread.

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You may also rate the dealer using the vote button, and the votes will be public, 1-5 stars, one being the lowest, and 5 being the highest rating.

[joe_momma]

Two recent orders with Haanes - the first took 2 days to arrive (wired on Wed pm had it on Friday) , the second 1 day (wired Monday am had it on Tuesday).

Probably the best retail prices available, though his minimums are high.

One thing, you needn't worry about excessive communication from him!

Best wishes!

[j-son]

i ordered once when he had a 300 oz silver promotion. not really a nice website and not very good emails/communications...but if you want a lot of metals for a great price and no hassle, this is your place.

[Ardent Listener]

I gave Hans a five star rating. Excellent prices but his service and communications could be improved. Why five stars then? Because his excellent prices more than makes up for his at times gruff replies. He has a right to be a little grumpy. Who else answers their telephone late on Christmas eve?

[ttazzman]

Tulving has always treated me correctly, delivered on time, sent the right stuff, had the right prices, highly recommended if you can carry the volume

[firearmhugger]

While Tulving has good pricing on big orders, something to be aware of is that they've filed for BANKRUPTCY 3 times !!

Shows how they run their company, and would not want to be caught "owed" bullion from them. In fact, they've screwed customers in the past.

Also, doesn't look like the most ethical shop around based on a pricing scam. See below from what I just found in 5 minutes of searching - Buyer Beware!!





http://articles.latimes.com/1991-01-16/business/fi-266_1_coin-dealers

Tulving Coin Investments Files Chapter 7
Liquidation: The dealership faces millions of dollars in claims from disgruntled customers and a lawsuit by the FTC.
January 16, 1991|JOHN O'DELL, TIMES STAFF WRITER
SANTA ANA — Hannes Tulving Rare Coin Investments of Newport Beach, once one of the nation's largest gold and silver coin dealers, has filed a Chapter 7 liquidation petition in federal bankruptcy court here.

Company owner Hannes Tulving Jr. also filed a personal bankruptcy liquidation petitio

The coin dealership, which had sales of $30 million in 1989, faces millions of dollars in claims from disgruntled customers as well as a multimillion-dollar lawsuit alleging fraud filed by the Federal Trade Commission. The FTC placed the firm in receivership last August.

In its Chapter 7 bankruptcy petition, the dealership listed a minimum of $3 million in liabilities but only $100,000 in assets. In Chapter 7, a firm's assets are sold and distributed to creditors after legal and administrative fees are paid.

If Tulving's asset estimates are accurate, it is unlikely that investors or creditors will recover much.

The FTC suit alone seeks at least $40 million in compensation for investors that the commission claims were charged up to five times the actual worth of the coins they bought from from the Tulving firm.

In addition, more than 10 investors and investment firms have filed civil suits against the coin dealership, all seeking recovery of their investments.

Charles Dick, a San Diego attorney representing just one of the investment firms suing Tulving, said his client--Dunham & Assn., formerly Dunham & Greer Coin Growth Fund--is seeking well over $1 million.

Karen Andrews, the attorney handling Tulving's personal and corporate bankruptcy filings, said the $3-million liability figure in the petitions is "a good faith estimate" by Tulving and that once the company's books are examined, a formal list of creditors and the amounts claimed by each will be filed. She said she does not expect the estimate of liabilities to increase significantly.

Tulving could not be reached for comment.

With the bankruptcy filing, all claims against Tulving and his company are automatically suspended. Unless the bankruptcy court rejects a liquidation petition, it normally assumes jurisdiction over all suits and claims, even those filed by the government.

Tulving's firm had been one of the nation's most prominent and respected rare coin dealers for more than a decade when it rocked investors and others in the industry with the announcement Aug. 1 that it was under investigation by the FTC and the California Department of Corporations.

The investigations involved allegations that the company overpriced coins it sold and reneged on guarantees to repurchase them.

A day after revealing the investigations, Tulving said in an interview that he had sold most of the firm's assets in order to keep the business open. Among the items sold, he said, were coins, several luxury cars, a corporate jet and Tulving's Newport Beach residence.

He said his personal net worth had shrunk from almost $3 million to "probably zero.

CALIFORNIA COIN DEALER AGREES TO SETTLE - 06/92

Hannes Tulving, Jr., president of Hannes Tulving Rare Coin Investments, Inc., a California retail marketer of numismatic coins, has agreed to settle Federal Trade Commission charges that he created and maintained an artificial coin market to induce the purchase of coins at inflated prices.

Under the proposed settlement filed in federal court, Tulving would be prohibited from misrepresenting, among other things, the degree of risk or any other fact material to a consumer's decision to purchase any investment offering. The order also imposes a monetary judgment, which will be partially satisfied by the payment of $260,000 over a five-year period.

In August 1990, the FTC filed a complaint against Tulving and his company, Hannes Tulving Rare Coin Investments, Inc., of Newport Beach, alleging that they misrepresented the degree of risk and appreciation of their coins, falsely represented that the figures published in their coin price guide reflected the actual wholesale market price of their coins and that their customers' portfolio updates reflected the current value of the customers' coins; and that they failed to maintain a reserve of funds to enable them to honor their buy-back guarantee. The case against the corporate defendant, Hannes Tulving Rare Coin Investments, Inc., is still pending.

Under the terms of the proposed consent order settling the charges against Hannes Tulving, Jr., he would be prohibited from, among other things, falsely representing that his coins are an excellent, low-risk investment or that they have consistently appreciated in value; that portfolio updates given to customers reflect the current value of their coins; and that the prices he charged for his coins were at or near the prevailing market price.

He also would be prohibited from falsely representing the profitability of any investment offering, the services he offers in connection with such an offering, or the earnings of any of his customers.

Further, the proposed order would prohibit Tulving from falsely representing that he has a reserve of funds sufficient to honor any buy-back guarantee for a substantial number of customers, if he offers such a guarantee; misrepresenting any other fact material to consumers' decisions to purchase any investment from him; and from representing that the FTC endorses or approves his activities. Misrepresenting the terms of the settlement also would be prohibited.

The proposed settlement would further require Tulving to place a written notice on all coin-related promotional material to alert consumers to the risk of investing in rare coins. If he offers a buy-back option, he also would be required to disclose clearly and conspicuously the following notice on all promotional material:

"BUY-BACK OF COINS: We cannot guarantee that, when you desire to liquidate your coins, we will be able to repurchase them from you. Moreover, if we are unable to repurchase your coins and you are forced to sell them to another dealer at the current wholesale price, you will probably receive much less for the coins than what you paid for them."

Defendant Tulving has agreed to the imposition of a $10 million judgment. In light of his recent filing for bankruptcy and the absence of security, however, the Commission cannot be assured that it will collect the full judgment. The $10 million judgment against him would be non-dischargeable in bankruptcy -- that is, he still would owe it. Under the settlement, Tulving would pay $50,000 within 14 days of the entry of the court order, $210,000 over five years, and the remainder at the end of the five years.

The Commission vote to file the consent order was 4-1, with Commissioner Deborah K. Owen dissenting. Owen stated, "I find no financial justification for reducing the defendant's required monthly payments from $5,000 to $2,500 after two years. More- over, I disagree with imposing, on paper, a monetary judgment that may be 'empty' in practice. Such an empty judgment is a departure from recent practice, and could give the impression that the Commission's monetary judgments are illusory."

http://www.crimes-of-persuasion.com/Crimes/Telemarketing/Outbound/Major/Investments/rare_items.htm

[Gcubed]

My personal experience tells me that Hannes has worked through his past financial problems. I've been dealing with him for a few years. Never had a problem and I've no hesitation recommending him. My last deal closed with a check last Wednesday. I plan on further deals.

'cubed

[elroy]

I have purchased from Tulving a couple times.

Always got what I ordered and received it very quickly.

The last order with him was made on Christmas day. Yes, he [Hannes Tulving] answered the phone and was glad to take the order.

I would highly recommend him if you can meet the minimums.

If you can beat his prices I would like to know where?

[firearmhugger]

Again, I've got no beef against Tulving. But i don't care how "cheap" or if people say "he's straightened out" - I don't mess with convicted fraudsters ! -- yet alone someone who can't handle his own finances and has had to file bankruptcy three times (while screwing his bullion customers).

You know the saying "Fool me once, shame on him. Fool me twice, shame on me" ----- Tulving's background has provided enough information for anyone with a decent sense of responsibility to know better.

[Fatboy]

While Tulving has good pricing on big orders, something to be aware of is that they've filed for BANKRUPTCY 3 times !!

Shows how they run their company, and would not want to be caught "owed" bullion from them. In fact, they've screwed customers in the past.

Also, doesn't look like the most ethical shop around based on a pricing scam. See below from what I just found in 5 minutes of searching - Buyer Beware!!


January 16, 1991

That article was in 1991 and IIRC from the old GIM, the largest part of his issues at the time was that he didn't point out the obvious and disclose to the customer that you just might loose money unless you hold the PM's as a long term investment. His website now, clearly states in so many words that you just might loose money.

People are often critical of his website, for those I have to ask, how much more information do you need? He has the buy price, the sell price, their minimum sale listed and you don't even need to add shipping into the equation as he covers it both ways, on the buy or the sell. I have to add, the website is a lot better than it was!

As far as being stuck by Hannes, he is about the last dealer I would worry about that happening with. In total, he only has your money with gold overnight, and a couple of days on silver before it is being shipped. Check the time frame for the other dealers out there, I don't know of many/any that work as quick or quicker.

If it sounds like I am a Tulving cheeleader, so be it. I just don't think that the skeletons in ones closet from 20 years ago should be overshadowed by 20 years of satisfied customers. From the old GIM, I think there was very few, like one person that was unhappy with a deal that they did with him and in the end, it actually could have been attributed to the fact that Hannes lost his patience with the person. It is a business, he sells tons of stuff and doesn't have time to "chit chat", he will be the first to tell you that. It is his business and he can run it any way he wants. If you choose to do business with him, that's OK but you will do it under his terms. If you choose not to, that is your decision too and I am sure that Hannes would be fine with that too.

[joe_momma]

I must second FatBoy -

Haanes has always dealt openly and straight with me - I've bought and sold with him for a year - total transactions ~$80,000 - highly recommend him as dealer - he's always been clear and timely - my only complaints are

1) really high minimums - dammit - 20 oz for Au/
2) not chatty - bricks are more communicative - (granted they ship immediately so there's no need to bother them....)

[Fatboy]

Since I made the prevous post, I went back and looked at the GIM I posts about Tulving. Out of five pages of feedback from our members, there were three to five people that had "bitches" with him, that were related to other than his minimums. Most were where he (Hannes) didn't want to deal with their "issues" and told them so. If anyone wants (and they are not able to get it elsewhere) shoot me a PM with an email and I will send those comments your way. I don't want to post them here because they are pretty criptic from the consolidation when the old site went down. Perfect fit for Hannes when you think about it! :)

[Farp]

I have only made one purchase from Tulving to date--it won't be my last, now that the good Lord has provided some dry powder. I'll tell you why: I bought a bag of face Ag. A week or so after it arrived, I went through the quarters and found a couple of clad quarters (they looked like 90% due to tarnish--it can happen). Anyway, I emailed Hannes that I was short a few quarters.

Even though it was my first purchase, and he didn't know me from Adam--Hannes took my word for it and sent me a small, but telling, check for the difference. Only a trustworthy gentleman would accept the word of a stranger.

I'm going to be buying now--got the nod from the better half--and I'll be buying some from Tulving.

[ccjoe]

If Hannes wasn't so classy, he would sue your ass.
You have a lot of nerve to come on as a newbie, and denigrate a man for what happened 20 years ago. You are a nut case.
Hannes works his ass off to treat people right. Apparently you have no clue how to treat your fellow human beings.
Go back into the hole that you crawled out of. Hannes is a great man!

[anywoundedduck]

If Hannes wasn't so classy, he would sue your ass.
You have a lot of nerve to come on as a newbie, and denigrate a man for what happened 20 years ago. You are a nut case.
Hannes works his ass off to treat people right. Apparently you have no clue how to treat your fellow human beings.
Go back into the hole that you crawled out of. Hannes is a great man!

Hannes? Hannes? Is that you?

[landromus]

I have made several purchases from Tulving, and I am very pleased with the simple clear ordering process and prompt delivery. I have recommended Tulving to some friends. One of which had an unfavorable response. They were seeking investment advice from Haines. Ha! Haines and his staff are simply order takers. If they have what you are after and you can meet the minimums you will most probably enjoy the savings.

[PastTense]

Anyone ever do any trading with Tulving? What is his policy about that?

[AuNuggets]

Anyone ever do any trading with Tulving? What is his policy about that?

He gives you his buy price, and charges you his sell price. Simple as that.

[SongSungAU]

Have you seen Tulving's youtube video? A feast for your silver-loving eyes.

A Ton Of Silver Bullion Coins And Bars (1 min 40 sec):
http://www.youtube.com/watch?v=5Pjg6un1yVA

(embedding disabled by request)


Take a look at all those silver bars at 0:47 .... what a sight to see!
:dance:

[thriftee]

I have bought and sold with Tulving and not had any problems. Hannes does answer emails, but I think in the morning (they are west coast) he is the only one there, so he is trying to answer all the calls. Maybe that's why he's not chatty.

[PastTense]

But what about the quality of his responses to emails? Early last year ago he was out of American Gold Eagles. I asked when he expected they would be back in stock. He replied he didn't know. They were back in stock 3 or 4 days later. Anyone else ask him about similar situations? (like the current ASE shortage)?

[ccjoe]

But what about the quality of his responses to emails? Early last year ago he was out of American Gold Eagles. I asked when he expected they would be back in stock. He replied he didn't know. They were back in stock 3 or 4 days later. Anyone else ask him about similar situations? (like the current ASE shortage)?
I talk to all the dealers all the time and hannes is the best for answering your questions to the best of his knowledge.

[PastTense]

Here is an email I just sent him and his response:

"When do you expect ASEs to be back in stock?

When do you expect 1 ounce silver rounds to be back in stock?"

Hannes response:

"They will be listed when available, Hannes."

And you think this is the best to his knowledge? And that other dealers are even worse than this type response?

[AceNZ]

Tulving doesn't ship overseas. They also don't buy or sell many types of foreign gold coins.

Seems like an odd / quirky business to me -- but hey, it seems to work for them.

[Montecristo]

I've recently completed two transactions with Tulving. I was very pleased. I would highly recommend them.

I like to keep things simple, I'm not looking for investment advice, I don't want to chat about my kids or his kids or hear about his vacation plans. I don't like surprises and when I make a deal I expect the other party to honor their end. Tulving was great in every respect. I told them what I wanted, they told me how much it cost, I wired the money, they shipped the coins. Perfect.

[ccjoe]

Here is an email I just sent him and his response:

"When do you expect ASEs to be back in stock?

When do you expect 1 ounce silver rounds to be back in stock?"

Hannes response:

"They will be listed when available, Hannes."

And you think this is the best to his knowledge? And that other dealers are even worse than this type response?
I think YOU need to work on your people skills as hannes' response was perfect and is why he's the best.
He, like me, gets sick of the drama buffoons as we see here and everywhere.

[Montecristo]

I placed an order this morning and got to speak with Hannes himself. I felt honored. I can't believe he answered the phone at 4:30 am pst. That is excellent customer service above and beyond what is expected.

[hoarder]

5 star.
I did a lot of biz-niz with Hannes in 2003-2004....back when he would still sell $2,000 face 90% for under 10K shipped.:biggrin:

His history is of some concern, but one must consider that anyone who is in business doing large volume will have some issues.
Some companies have worse issues that never come to light because the media shines the light of scrutiny as it pleases and goobermint regulators selectively enforce laws.

Hannes has always been prompt. I consider him the best big online bullion dealer.

[Snow]

Tulving doesn't ship overseas. They also don't buy or sell many types of foreign gold coins.

Seems like an odd / quirky business to me -- but hey, it seems to work for them.



Odd you would say that, as he sells/buys many foreign coins, many of which i'm not familair with:

Year Coin Gold Content (Troy Ounces)
1980 - 1994 Australian $200, Proof & Unc 0.2947
1995 - 1999 Australian $100 Unc 0.3056
2000 - 2003 Australian $100 Unc 0.3333
1995 - 2003 Australian $100 Proof 0.3333
1995 - 2003 Australian $150 Proof 0.5
2001 & 2005 Australian Six Coin Gold Proof Sets. 3.684
1915 Austria 1 Ducat 0.111
1915 Austria 4 Ducat 0.4438
1892 - 1912 Austria 10 Corona 0.098
1892 - 1916 Austria 20 Corona 0.196
1908 - 1915 Austria 100 Corona 0.9802
1849 - 1912 Belgium 10 Franc 0.0933
1835 - 1914 Belgium 20 Franc 0.1867
1847 - 1850 Belgium 25 Franc 0.2334
1834 - 1831 Belgium 40 Franc 0.3733
1853 - 1912 Belgium 100 Franc 0.9334
1817 - Britain 1/2 Sovereign 0.1177
1817 - Britain Sovereign 0.2354
1823 - Britain 2 Pounds 0.4708
1826 - Britain 5 Pounds 1.1771
1663 - 1813 Britain Guinea 0.2461
1912 - 1914 Canada 5 Dollars 0.2419
1912 - 1914 Canada 10 Dollars 0.4838
1873 - 1917 Denmark 10 Kroner 0.1296
1873 - 1931 Denmark 20 Kroner 0.2592
1926 Finland 100 Markkaa 0.1218
1926 Finland 200 Markkaa 0.2437
1850 - 1914 France 10 Franc 0.0933
1806 - 1914 France 20 Franc 0.1867
Germany 10 Marks 0.1152
Germany 20 Marks 0.2305
1892 - 1915 Hungary 10 Korona 0.098
1892 - 1916 Hungary 20 Korona 0.196
1907 - 1908 Hungary 100 Korona 0.9802
1832 - 1927 Italy 10 Lire 0.0933
1800 - 1927 Italy 20 Lire 0.1867
1931 - 1936 Italy 50 Lire 0.1273
1832 - 1927 Italy 100 Lire 0.9334
1931 - 1936 Italy 100 Lire 0.2546
Mexico 2 Pesos 0.0482
Mexico 2 1/2 Pesos 0.0603
Mexico 5 Pesos 0.1206
Mexico 10 Pesos 0.2411
Mexican 20 Pesos 0.4823
Mexican 50 Pesos 1.2057
1826 - 1912 Netherland 5 Guilders 0.0974
1818 - 1933 Netherland 10 Guilders 0.1947
1848 - 1853 Netherland 20 Guilders 0.3966
1960 - 1978 Netherland 1 Ducat 0.1104
1874 - 1910 Norway 10 Kroner 0.1296
1874 - 1910 Norway 20 Kroner 0.2593
1906 - 1967 Peru 1/5 Libra 0.0471
1902 - 1966 Peru 1/2 Libra 0.1177
1898 - 1967 Peru 1 Libra 0.2354
1959 - 1969 Peru 5 Sols 0.0677
1950 - 1969 Peru 10 Sols 0.1354
1950 - 1969 Peru 20 Sols 0.2709
1950 - 1969 Peru 50 Sols 0.6772
1950 - 1969 Peru 100 Sols 1.3544
1897 - 1910 Russia 5 Roubles 0.1245
1896 - 1910 Russia 10 Roubles 0.2489
1896 - 1908 Russia 25 Roubles 0.9334
1977 - 1980(?) Russia 100 Roubles 0.5001
1951 - 1957 Saudi Arabia 1 Guinea 0.2354
1945 - 1946 Saudi Arabia 1 Sovereign 0.2354
1945 - 1946 Saudi Arabia 4 Sovereign 0.9417
1961 - 1980 South African 1 Rand 0.1177
1961 - 1980 South African 2 Rand 0.2354
1967 - South African Krugerrand 1
1878 Spain 10 Pesetas 0.0933
1889 - 1904 Spain 20 Pesetas 0.1867
1871 - 1885 Spain 25 Pesetas 0.2334
1870 - 1897 Spain 100 Pesetas 0.9334
1873 - 1901 Sweden 10 Kronor 0.1296
1873 - 1925 Sweden 20 Kronor 0.2593
Switzerland 10 Francs 0.0933
Switzerland 20 Francs 0.1867
1849 - 1889 United States $1.00 0.0484
1837 - 1929 United States $2.50 0.1209
1834 - 1836 United States $2.50 0.1208
1854 - 1889 United States $3.00 0.1451
1879 - 1880 United States $4.00 0.1935
1837 - 1929 United States $5.00 0.2419
1834 - 1836 United States $5.00 0.2417
1795 - 1833 United States $5.00 0.2578
1838 - 1933 United States $10.00 0.4838
1795 - 1804 United States $10.00 0.5156
1850 - 1933 United States $20.00 0.9675
1915 United States $50.00 2.4188

Unless I'm reading the website wrong, can someone clarify? Thanks AZ, for raising the issue.

[PastTense]

He may buy them, but he must either be selling them wholesale or melting them as they don't turn up in his forsale listings.